Posted on August 3, 2017
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD), the largest provider of dredging services in the United States and a major provider of environmental and infrastructure services, today reported financial results for the quarter ended June 30, 2017.
For the three months ended June 30, 2017, Great Lakes reported revenue of $176.9 million, net loss from continuing operations of $1.1 million and Adjusted EBITDA from continuing operations of $17.6 million.
Chief Executive Officer Lasse Petterson commented, “During my first three months as CEO, I have continued to immerse myself in company operations, meeting with various stakeholders of our business including multiple shareholders last month in New York City. Operationally, as expected, our margins in dredging have increased compared to the first quarter of 2017, but based on project mix for the current year, we do not expect margins to reach the levels we experienced in 2016. In the E&I business, the Company continues to see the benefits of the divestiture of the Terra assets and the strong project risk controls put into place. While we are pleased with the improvements in both segments in the quarter, we recognize that there is further work to be done to improve margins and the bottom line. We are currently in the midst of a deep-dive review to address overall company performance including operating margin, asset efficiencies and G&A expenses. The goal of this review is to align our production and support functions with the current and future market conditions. We expect that this review will position us in our market as we welcome the Ellis Island to our working fleet in the third quarter of 2017 and prepare to bid on multiple large and complex port deepening projects in which we are well suited to perform.”
Chief Financial Officer Mark Marinko added “Since December 2016, we have completed the refinance of our revolver and senior notes giving us security in the capital structure of the Company and allowing us to effectively execute our operations.”
Source: EuroInvestor
